The total number of stablecoin tokens currently issued and in circulation across all chains.
Circulating supply is the sum of all issued stablecoin tokens across every chain, minus any tokens the issuer has burned or set aside. It is the closest onchain proxy for the coin's market cap: because each token is meant to trade at $1, circulating supply and market cap are effectively the same number. This dashboard sources circulating supply from DefiLlama, which aggregates from each chain's canonical contracts.